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Tax Info
Tax Tips
Above-the line deductions even if you don't itemize:
- Half of self-employment tax
- Pay-ins by self-employeds to Keogh, SEP and SIMPLE plans, medical savings accounts (MSAs) and health savings accounts (HSAs)
- Health insurance for self-employeds (and 2% owners of S-Corps)
- Student loan interest up to $2,500
- Teachers' supplies up to $250
- Job-based moving costs
- Performers' expenses
- Alimony
- Up to $4,000 for college expenses (based on AGI)
- Surrendered jury pay
- Domestic Production Activities
Itemized deductions (not subject to the 2% limit):
- Amortizable bond premiums
- Impairment-related job expenses of the handicapped
- Estate tax on income heirs inherit, including estate taxes on IRAs, Keoghs, 401(k)s and savings bonds
- Gambling losses to the extent of winnings.
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Ward & Meyers LLC,
Certified Public Accountants
3201 Flagler Ave. Suite 506
Key West, FL 33040
Phone: (305) 293-0265
Fax: (305) 293-0263
Email: info@wardandmeyerscpa.com
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